There are many Lubes designed specifically for Fishing Reels, both Oil and Grease. There are a few that dominate the positive reviews. I enjoy maintaining my Gear, and definitely enjoy the Solid Slickness of a freshly/correctly-lubed reel.
There may be some details that others are mindful of, such as, "don't use detergent oils in reels" or "that oil can cut grease" or "that grease may not be compatible with the existing grease", among others.
I tried an "unconventional" (no pun intended) Pair of Lubes for my reels awhile back, and I have been well pleased. I go through a lot of Reel Lube, I like to maintain my equipment...running out of lube is a pain, also.
For Oil, I use Royal Purple XPR 0w-10 Ultralight Engine Oil...it's almost like water so it's not too heavy for Reels. It is a Detergent Oil so it can cut grease, so be precise it the application. None of the parts in my reels are gummed-up with old grease, anymore, which is something that makes reels start to get sluggish/stiff. The 1st time I used it in my Cardiff 300, it casted almost as well as my Calcutta 200GTB and was almost as slick...I was stoked. My Calcuttas are better now than they were new.
For Grease, Royal Purple Ultra Performance Grease, #2 NLGI. The issues that can arise with grease is Weight and Compatibility. Compatibility with other Greases is the main concern. When 2 greases meet that aren't compatible, they liquify. Grease Compatibility Charts can be helpful, but more-so if You know both/all Greases involved. Remove old grease, apply new grease, then keep an eye on it over some time. If it liquifies, remove it again then reapply new grease until it stabilizes.
I've been away from Designated Reel Lubes for a few years, and I see no need to stop what I'm doing.
